Five Star Business Finance, Archean Chemical, Kaynes Technology and Inox Green Energy will launch their IPOs this week to cumulatively raise more than Rs 5,000 crore.
As the primary market gathers steam on Dalal Street, four companies are ready to launch their IPOs this week: Five Star Business Finance, Archean Chemical, Kaynes Technology and Inox Green Energy. The four companies aim to raise a total of Rs 5,020 crore when Indian equity benchmarks are within one percent of their all-time highs, aflush with liquidity as FPIs return to the market.
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The new IPOs come close on the heels of the initial share sale of DCX Systems— manufacturers of cables and wire harness assemblies, which emerged as the best primary market issue of the year.
Bidding for IPOs of two companies is already underway: Bikaji Foods International and Global Health (Medanta). Here are some of the important details of the four upcoming IPOs:
Five Star Business Finance
The IPO of Five Star Business Finance, a non-banking financial company, is entirely an offer for sale (OFS) of equity by existing shareholders — which means the firm will not get any proceeds from the issue.
Archean Chemical Industries
Archean Chemical Industries is a manufacturer of speciality marine chemicals. The IPO includes fresh issuance of shares worth up to Rs 805 crore and an offer for sale (OFS).
Kaynes Technology is an Internet of Things solutions-enabled integrated electronics maker. The IPO is a combination of fresh issuance and an offer for sale.
Inox Green Energy
Inox Green is a subsidiary of the listed wind energy company Inox Wind. The company is yet to announce the price for the primary market offering.
ALSO READ: DCX Systems shines in the grey market after IPO attracts strong investor interest — here's what to expect on listing day
As many as 26 companies have floated their IPOs this year to raise over Rs 48,000 crore, in contrast to 63 firms in 2021 that mopped up about Rs 1.2 lakh crore.
Market experts say volatility in the secondary market has led to a slowdown in activity in 2022 following a blockbuster year.
First Published: IST